OneWest starts foundation

Full story: San Gabriel Valley Tribune

With a seed of $10 million, OneWest Bank announced this week that it created a nonprofit foundation to help develop the communities it serves.
Comments
1 - 6 of 6 Comments Last updated Jan 7, 2010
PPY

Escondido, CA

|
Report Abuse
|
Judge it!
|
#1
Dec 30, 2009
 
What's $10 million when FDIC's gifting you even more?
"The Obama administration’s $75 billion program to help homeowners escape foreclosure is a failure and should be scrapped. By unintentional consequences, the government itself under the FDIC sabotages the program...
What is overlooked although reported on the FDIC website is the sweetheart deals they make to banks they lure to takeover failed ones.
A classic is OneWest Bank which took over IndyMac Bank in March 2009. OneWest purchased all current residential mortgages at 70% par value. FDIC guaranteed anywhere from 80-95% from any losses OneWest might occur based on the original outstanding loan balance.
For example, if a home has a loan amount of $500,000, One West would pay $350,000. If the owner is offered $250,000 cash in a “short sale,” OneWest can report a $250,000 loss based on the original loan and receive a check from Uncle Sam for $200,000. Add that to the $250,000 “short sale” price offer and OneWest earns a grand total of $450,000 and a nifty 100 grand profit."
http://themoderatevoice.com/57034/obama-homeo...
PPY

Escondido, CA

|
Report Abuse
|
Judge it!
|
#2
Dec 30, 2009
 
If Wall Street Journal wouldn't include this loss-sharing gifts from the FDIC with its article praising OneWest,

"Investors, With Help From Uncle Sam, Reshape IndyMac"
http://online.wsj.com/article/SB2000142405274...

I was hoping and would really appreciate a local paper could.
CommieBlaster

Olive Branch, MS

|
Report Abuse
|
Judge it!
|
#3
Dec 31, 2009
 
Soros is a Communist and Obama's Boss. The facts here: http://www.commieblaster.com/george-soros-fun...
ProudBlue

Thousand Oaks, CA

|
Report Abuse
|
Judge it!
|
#4
Dec 31, 2009
 
Soros is awesome. We have him to thank for medical marijuana. Thanks George!

And really Commie-Blaster, who cares what meth-crazed, alcoholic, old, former cold-warriors like you think anyway? Go write a vieo game, that name would be great.

On the subject: One West Bank should clean up its act and stopping laying off good people before they start any hypocritical foundations.
indymac crime

Mineola, NY

|
Report Abuse
|
Judge it!
|
#5
Dec 31, 2009
 
this bank should be closed down and everyone should be arrested i mean everyone there are alot of big people in this fraud circle ,,iam not stupid.....
Mrs Mon E Penny

Alpharetta, GA

|
Report Abuse
|
Judge it!
|
#6
Jan 7, 2010
 
Don't believe anything OneWest has the newspaper lie on. The truth is they are one of the worst performers of Loan Modifications..read the truth....

http://www.associatedcontent.com/article/2389...

http://www.associatedcontent.com/article/2391...

http://www.associatedcontent.com/article/2381...

http://www.associatedcontent.com/article/2559...

Tell me when this thread is updated: (Registration is not required)

Add to my Tracker Send me an email

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Other Recent IndyMac Bancorp Discussions

Title Updated Last By Comments
Under reform, IndyMac depositors to get money back (Jul '10) May '14 Ryan 4
Class-action lawsuit is latest woe for IndyMac (Jun '08) Oct '13 mah 73
Lawsuits allege OneWest bank can profit from fo... (Feb '10) Nov '12 libertyreverse 15
OneWest rises from IndyMac's ashes (Dec '09) Aug '10 LEts do it 26
Under reform, IndyMac depositors to get money back (Jul '10) Jul '10 cjhodgson 1
FDIC sues former IndyMac executives (Jul '10) Jul '10 gecko 13
Indymac depositors get another shot at retroact... (May '10) Jul '10 Marcus 18

Search the IndyMac Bancorp Forum:
•••